Regency Plaza Sells For $10.8 Million

The Shopping Center Group announced Tuesday it represented the seller in the $10.8 million sale of Regency Plaza along Atlantic Boulevard near Regency Square Mall.

Our Daily Record news partner reports an affiliate of America’s Realty LLC from Baltimore bought the 205,700-square-foot property from an affiliate of DLC Management Corp. of Elmsford, New York.

Regency Plaza’s anchors include OfficeMax, Chuck E. Cheese’s, dd’s Discounts and Burlington Stores Inc. Burlington extended its lease through 2023, according to The Shopping Center Group.

The plaza, which is 99 percent leased, was built in 1973 and renovated in 2011. It encompasses 18.4 acres.

Live Oak Improvements LLC, the ownership group affiliated with DLC, paid $6.5 million for Regency Plaza in 2012, property records show.

Anthony Blanco, partner and director of investment sales with The Shopping Center Group, said in the release that the trade area surrounding Regency Plaza “is one of Jacksonville’s most seasoned with a regional mall – and is experiencing a resurgence in market rents and occupancy levels.”

The plaza, at Live Oak Drive and Atlantic Boulevard, is stable with its anchors “for the foreseeable future.” Anchor base rents are $5.40 a square foot, he said.

The release said almost 142,500 consumers live within a 10-minute drive and 73,000 daytime employees work in the trade area.

The average daily traffic count along Atlantic Boulevard near Regency Plaza is about 54,500, it said.